Have less than ideal credit but want to move into an apartment? No need to keep stressing. There are tips and tricks you can follow when having to work around that obstacle:
1. Rent From a Private Owner
A majority of actual apartment complexes require a credit check. However, when you opt to rent from a private owner then you may not need traditional credit scores as long as you can prove income stability.
2. Give the Option to Move In ASAPWhen a landlord has one or more apartments that are vacant then that can be costly. Landlords have to pay the mortgage and utilities all out of pocket with no reimbursement. Due to this fact, you may be able to move in without established credit if you can move in immediately.
3. Prove How Much You Make and How Much You HaveIf you have a large enough and stable enough income then you may be able to go around the obstacle of not having established credit. To impress a landlord you should show them you make three times the rent amount. This makes landlords comfortable if you can prove that even if you have no credit. If for some reason you can prove your income, if you have a large enough sum of savings you be able to get around both obstacles of credit and income.
4. Secure a Nice Security DepositIf you can give a large security deposit to the landlord then they are more willing to work with you. That being said. Try to have a deposit that secures roughly 3 months of rent! This eliminates the risk of you not paying and reinforces in the landlord’s mind that you are serious about being responsible.
5. Have Strong Reference LettersIf you can get a previous landlord, employer, or professor to write a letter or have a conversation with your landlord then this can make a difference. When you do this you shoe your landlord that you are responsible in other areas of your life and renting will be no different.
6. Offer a Short Lease AlternativeIf a tenant ends up not paying rent, the eviction process can take months if the tenant will not leave. If you sign a 3 month lease or a month to month lease (giving the landlord the option to not renew you) then you secure in their mind that you are willing to do what’s necessary.
7. None of that working? Get a cosigner If you have exhausted all options and nothing is working then you need to get a cosigner to sign onto your lease. When you have someone cosign for you, it means that they are responsible for your rent if you fail to pay. You can affect their credit as well, so keep that in mind!
You have numerous ways of getting an apartment with not ideal credit. While doing this, make sure you are doing the steps necessary to improve your credit so you don’t have to deal with going through hoops when trying to rent!